The Bank of Industry (BOI) has announced that it has secured regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window.
The approval authorizes Nigeria’s foremost development finance institution to commence operations under a non-interest banking framework, a move aimed at expanding access to ethical funding for businesses. This initiative is designed to serve underserved segments, including Micro, Small, and Medium Enterprises (MSMEs) and faith-sensitive enterprises that traditionally avoid conventional interest-based financing.
BOI’s Managing Director/CEO, Dr. Olasupo Olusi, described the licence as a “pivotal moment” in the bank’s journey to transform Nigeria’s industrial sector. “With this licence we can reach a new category of borrowers who before now could not be served,” he stated.
The new window will enable BOI to finance assets and raw materials using approved non-interest products, mobilizing ethical capital and aligning its activities with broader social and developmental objectives. The bank stated that this step will help drive inclusive growth and deepen support for the real economy.
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Disclaimer: This report is based on an official announcement from the Bank of Industry. CDA News Nigeria has not independently verified the details of the regulatory approval.
